Market Overview - The Hang Seng Index (HSI) closed at 26,310.99, up by 161.68 points or 0.62% as of January 8, 16:00 Eastern Time [1] - The index reached a high of 26,311.38 and a low of 25,998.12 during the trading session, with a trading volume of 50.328 million shares [1] Major Blue-Chip Stocks Performance - HSBC Holdings closed at HKD 125.439, up by 0.92% compared to the Hong Kong close [2] - Tencent Holdings closed at HKD 615.197, down by 0.13% compared to the Hong Kong close [2] Stock Price Movements - Tencent Holdings: Latest price HKD 616.000, down by HKD 8.500 or 1.36%, with an ADR price of 615.197, reflecting a decrease of 0.13% [3] - Alibaba Group: Latest price HKD 142.600, down by HKD 3.300 or 2.26%, with an ADR price of 150.458, reflecting an increase of 5.51% [3] - HSBC Holdings: Latest price HKD 124.300, down by HKD 2.900 or 2.28%, with an ADR price of 125.439, reflecting an increase of 0.92% [3] - Other notable movements include Meituan-W down by 3.35% and JD.com down by 2.02% [3]

Group 1 - The core focus for 2026 is "brand going overseas + overseas custody," which is seen as a key strategy for Chinese brands to expand internationally [1][2] - AliExpress has initiated a large-scale recruitment campaign for brand merchants, marking the start of a nationwide招商及产业带赋能计划 [1] - In the past year, overseas custody merchants achieved a GMV growth of 10 times, indicating a significant opportunity for brands to expand globally [1] Group 2 - AliExpress's overseas custody service allows merchants to connect their products to overseas warehouses, while the platform handles marketing, user operations, and local fulfillment [2] - The overseas custody service has already covered over 30 key markets globally, including Europe, North America, Asia-Pacific, and Latin America [2] - Xiaomi has successfully opened the European market through a strategic partnership with AliExpress, with notable sales achievements during the 2025 overseas Double 11 event [2]

Group 1 - The U.S. stock market showed mixed results, with the Dow Jones rising by 0.55% and the Nasdaq falling by 0.44% [3] - Major technology stocks mostly declined, with Intel down over 3% and Nvidia down over 2% [3] - Chinese concept stocks generally rose, with the Nasdaq Golden Dragon China Index increasing by 1.09% [3] Group 2 - The U.S. initial jobless claims for the previous week were reported at 208,000, slightly below the expected 210,000 [4] - International oil prices surged, with WTI crude oil rising by 4.59% to $58.56 per barrel [4] - Gold prices also increased, with spot gold up by 0.48% to $4,477.88 per ounce [4] Group 3 - The European stock indices closed mixed, with Germany's DAX up by 0.02% and the UK's FTSE 100 down by 0.04% [5] - The Chinese government announced a restructuring between Sinopec and China Aviation Oil, which is expected to enhance industry integration and resource optimization [15] - Nestlé (China) is recalling specific batches of infant formula, with the government emphasizing the importance of consumer safety [16] Group 4 - Xiaomi plans to invest an additional 200 billion yuan in research and development over the next five years, reinforcing its commitment to technological advancement [17] - Vanke A announced the resignation of its executive vice president due to retirement, indicating potential management changes [18] - Moore Threads released an updated version of its distributed training simulation tool, enhancing its capabilities in AI model training [19] Group 5 - Huiyuan Group announced a complete takeover of Beijing Huiyuan due to the failure of a restructuring plan, raising concerns about consumer and investment confidence [21] - Shanghai Mobile denied allegations of coercing customers into service agreements, emphasizing its commitment to customer relations [23] - The National Development and Reform Commission and other departments held a meeting to regulate the competition order in the power and energy storage battery industry [9]

Core Viewpoint - Lei Jun, during a recent live stream, addressed concerns regarding the self-research of a new high-strength steel technology, emphasizing that it is a product of collaboration between Xiaomi and academic institutions, rather than sourced from suppliers [1][3] Group 1: Technology and Innovation - The high-strength steel, known as "2200MPa hot-formed steel preparation process," was developed in collaboration with Professor Wang Guodong's team from Northeast University and Yucaitang [1] - The technology has been patented, with the patent number made publicly available for verification [1] - The steel's tensile strength is significantly higher than the industry standard of 1500MPa, achieving a tensile strength of 2200MPa, which enhances the load-bearing capacity of vehicle components [2][3] Group 2: Performance Improvements - The use of this super steel improves the front door's load-bearing capacity by 52.4% and enhances the B-pillar's impact resistance by 70.5% compared to conventional high-strength steel [2][3] - The patented material has already been applied to critical load-bearing parts of the Xiaomi YU7, including the A-pillar, B-pillar, and four door crash beams [2][3]

Core Insights - Xiaomi's founder and CEO Lei Jun announced the issuance of a significant technology award worth 10 million yuan to recognize outstanding engineers and engineering teams, emphasizing the company's commitment to technological innovation [1][3] - Since its inception in 2020, the award has been given six times, with a total prize amount of 75 million yuan [1] - In 2025, 154 projects competed for the award, with a focus on core technologies in various fields such as chips, mobile phones, automotive, AI, and materials [1] Group 1 - The company emphasizes that technology is fundamental and remains a core principle, reflecting its commitment to innovation [3] - Engineer thinking is highlighted as a crucial value, showcasing respect for the intelligence and creativity of engineers [3] - Xiaomi aims to create a top-tier platform for talented engineers to enhance their sense of achievement and happiness, thereby attracting and retaining talent [3] Group 2 - Over the past five years, Xiaomi has invested approximately 105 billion yuan in R&D, exceeding its initial commitment of 100 billion yuan [3] - For the next five years, Xiaomi plans to invest 200 billion yuan in R&D, focusing on core technologies such as chips, operating systems, and AI [3] - The company is determined to allocate resources effectively to build a robust ecosystem encompassing "people, vehicles, and homes," establishing a competitive advantage [3]

Core Viewpoint - Xiaomi's founder Lei Jun addressed recent rumors regarding the number of meetings held for the development of a cup, clarifying that the actual number of meetings was 16, not 15, and emphasized that discussions involved multiple important products, not just the cup [1][2]. Group 1 - The development of the Ultra cup aims to accurately replicate the texture and color of the Xiaomi SU7 Ultra car paint [1]. - The team made significant material changes, switching from ceramic to metal, which contributed to the high number of meetings held [2]. - Lei Jun highlighted the challenges in creating a seemingly simple product, reinforcing Xiaomi's commitment to product development and quality [2].

Market Overview - On January 8, the Hang Seng Index fell by 1.17%, closing at 26,149.31 points, with a total net sell of HKD 4.901 billion through the southbound trading channel [1][3] - The total trading volume for the southbound trading was HKD 117.906 billion, with a net sell of HKD 4.901 billion [1] Trading Activity - In the Shanghai-Hong Kong Stock Connect, the trading volume was HKD 70.891 billion, with a net sell of HKD 3.968 billion; in the Shenzhen-Hong Kong Stock Connect, the trading volume was HKD 47.015 billion, with a net sell of HKD 0.933 billion [1] - The most actively traded stock in the Shanghai-Hong Kong Stock Connect was Alibaba-W, with a trading volume of HKD 57.22 billion, followed by the Tracker Fund of Hong Kong and SMIC, with trading volumes of HKD 48.64 billion and HKD 33.52 billion, respectively [1] Net Buy/Sell Analysis - Tencent Holdings had the highest net buy amount of HKD 0.585 billion, despite a closing price drop of 1.36% [1] - The Tracker Fund of Hong Kong recorded the highest net sell amount of HKD 4.631 billion, closing down by 1.28% [1] - In the Shenzhen-Hong Kong Stock Connect, Alibaba-W also led in trading volume with HKD 37.64 billion, while Xiaomi Group-W had the highest net buy of HKD 0.494 billion, closing down by 0.37% [2]

Market Overview - On January 8, the Hang Seng Index fell by 1.17%, with southbound capital totaling HKD 117.906 billion, comprising HKD 56.503 billion in buying and HKD 61.403 billion in selling, resulting in a net sell of HKD 4.901 billion [1] Southbound Trading Activity - The southbound trading through Stock Connect (Shenzhen) had a total turnover of HKD 47.015 billion, with buying at HKD 23.041 billion and selling at HKD 23.974 billion, leading to a net sell of HKD 0.933 billion [1] - The southbound trading through Stock Connect (Shanghai) recorded a total turnover of HKD 70.891 billion, with buying at HKD 33.461 billion and selling at HKD 37.429 billion, resulting in a net sell of HKD 3.968 billion [1] Active Stocks - Alibaba-W had the highest trading volume among southbound stocks, with a total turnover of HKD 94.86 billion, followed by the Tracker Fund of Hong Kong and SMIC, with turnovers of HKD 65.30 billion and HKD 55.70 billion respectively [1] - The top net buying stocks included Xiaomi Group-W with a net buy of HKD 10.72 billion, Tencent Holdings with HKD 8.64 billion, and SMIC with HKD 5.63 billion [1] - The stock with the highest net sell was the Tracker Fund of Hong Kong, with a net sell of HKD 62.84 billion, followed by Hang Seng China Enterprises and Southern Hang Seng Technology with net sells of HKD 28.78 billion and HKD 12.88 billion respectively [1] Continuous Net Buying and Selling - Xiaomi Group-W, Tencent Holdings, and SMIC were among the eight stocks that appeared on both the Shenzhen and Shanghai Stock Connect active lists, with Xiaomi Group-W having a total turnover of HKD 41.07 billion and a net buy of HKD 10.72 billion, while Tencent Holdings had a turnover of HKD 45.90 billion and a net buy of HKD 8.64 billion [2] - Over a continuous period, Xiaomi Group-W, Alibaba-W, and Goldwind Technology saw net buying for more than three days, with Xiaomi Group-W leading with a total net buy of HKD 46.84 billion [2] - Conversely, China Mobile and Hua Hong Semiconductor experienced continuous net selling, with net sells of HKD 31.39 billion and HKD 6.88 billion respectively [2]

| 日期 | 回购股数（万股） | 回购最高价（港元） | 回购最低价（港元） | 回购金额（万港元） | | --- | --- | --- | --- | --- | | 2026.01.08 | 500.00 | 38.160 | 38.040 | 19057.99 | | 2026.01.07 | 390.00 | 38.200 | 38.120 | 14883.60 | | 2026.01.06 | 385.00 | 38.900 | 38.860 | 14967.00 | | 2026.01.05 | 380.00 | 39.320 | 39.220 | 14929.13 | （文章来源：证券时报网） 自1月5日以来公司已连续4日进行回购，合计回购1655.00万股，累计回购金额6.38亿港元。 其间该股累 计下跌5.61%。（数据宝） 小米集团-W回购明细 证券时报·数据宝统计，小米集团-W在港交所公告显示，1月8日以每股38.040港元至38.160港元的价格 回购500.00万股，回购金额达1.91亿港元。该股当日收盘价38.020港元，下跌0.37%，全天成交额65.39 亿港元。 ...

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